While several countries across the globe have just started recognizing Bitcoin [BTC], El Salvador certainly fetched a head start. The El Salvadorian government’s move of making Bitcoin a legal tender proved to be highly beneficial for the region.
Previously, in September 2021, El Salvador became the talk of the crypto town by giving BTC a legal stature. Following this, the El Salvadorian President, Nayib Bukele rolled out an array of Bitcoin-friendly laws. This included businesses operating in the region to accept Bitcoin for payments. Several citizens were outraged by this move. While protests against the Bitcoin law persists, Bukele continued to make big Bitcoin purchases.
To further elevate the presence of Bitcoin in El Salvador, the government had revealed that they would roll out Bitcoin bonds. The inaugural Bitcoin bond would reportedly be worth $1 billion while carrying a coupon of 6.55%. Half of it is prepared to be converted into Bitcoin while the other half would be employed in Bitcoin mining as well as infrastructure.
In order to do so, the El Salvador government requires the green signal of Congress. Therefore, the government sent out about 20 bills yearning for approval.
Furthermore, speaking at a recent interview, the finance minister of El Salvador, Alejandro Zelaya pointed out the intention behind sending out the bills. He noted that the bills would deliver a “legal structure and legal certainty” to those who buy the Bitcoin bond.
Zelaya further added,
“We are the first country to release a Bitcoin bond. And because we are the first country to do this, it needs to be regulated.”
The entire Bitcoin bonds extravaganza is put in place in order to aid the construction of Bitcoin City. This city would reportedly emerge as a tax-free region for Bitcoin which would run on geothermal energy produced by the volcanoes.
El Salvador Prez’s Bitcoin Prediction
El Salvador has been thriving in tourism thanks to its timely adoption of Bitcoin. As crypto lovers from across the globe have been exploring the Salvadorian market, Bukele welcomed them with open arms. Alongside this, he decided to roll out predictions surrounding Bitcoin for this year.
While Bitcoin has already hit an all-time high of $68,789.63, Bukele suggested that the world’s largest crypto entailed the ability to hit $100k. This wasn’t all, a few more foretellings followed suit. He tweeted,